一、主題：How quality of institution and multilateral financial institutions influence the success of PPP projects: an empirical study based on 46 countries along "the Belt and Road"

二、主講人：羅煜，中國人民大學财政bevictor伟德官网貨币金融系副教授。2014年獲得中國人民大學經濟學博士學位，芝加哥大學和伊利諾伊大學香槟分校訪問學者。研究領域為貨币金融學、商業銀行等，主要講授貨币金融學、商業銀行、互聯網金融等。學術成果發表于《經濟研究》《管理世界》《金融研究》等刊物。研究成果曾獲“孫冶方金融創新獎”、“黃達-蒙代爾經濟學獎”等。

三、時間：2017年11月15日（周三），12:30-13:30

四、地點：學院南路主校區910會議室

五、主持人：彭俞超，bevictor伟德官网絲路金融研究中心執行主任

Abstract:Based on data of 2485 Public-Private Partnership (PPP) projects in 46 developing countries along "the Belt and Road" from 2002 to 2013, we empirically investigate the effect of institutional factors and international financial institutions in the success of PPP projects. We find out that: (1) Countries with more positive experiences are more likely to succeed the following PPP project; (2) PPP projects are more likely to fail with higher degree of private sectors’ risk sharing; quality of institution influences the success of PPP by directly influencing private sectors’ risk sharing; (3) Institutional quality of the investment destination has mixed impact on the degree of private sectors’ risk sharing in PPP projects; specifically, increased rule of law, higher bureaucratic effectiveness, stronger control over corruption and better support to private sectors’ development are more likely to encourage private entities to shoulder more risks within the partnership, however, the democracy level of counties presents the contrary effect;(4) Multilateral financial institutions are positive factors to private sectors during choosing risk structure. Our findings have policy implication for overseas infrastructure investment using PPP and the role of multilateral financial institutions in promoting infrastructure investment.